Term Life Insurance question

[daskas]

What is the name of your state (only U.S. law)? Texas

I am currently under a 500K term life insurance whose premium is guaranteed to be the same $240 annually, for the first 10 years. I am currently 47 and 8 years into this arrangement (i.e., 2 more years to go, prior to the premiums jumping to a high $3,400 annually, if I choose to renew it at the end of the 10 years period.)

I would like to get another 10-15 years coverage, under a similar arrangement, with the understanding that it will be a higher premium now, but not as high as what is expected in the end of the 10 year period.

Regarding achieving the lowest premium cost possible for the new policy, is it best that I set up another one now, without waiting for another two years? Or should I just let the current one elapse and then get another one?

What is a reasonable premium I should expect to pay? What difference does it make getting a new policy now vs. in two years?

Any input is appreciated.

 

[ShyCat]

This is a legal advice website. Please use google to find one that provides insurance shopping advice.

Note that if another first-time poster just happens by to reply with a helpful URL to a commercial website, this post will be considered spam seed and deleted along with the spam reply. So don't bother.

 

[fr.2010]

It's definitely better to make a policy change now. With all types of life insurance, the rates rise along with your age. If you already know you need coverage for a longer period of time, your premium now will be less than they will be in 2 years.

Contact your agent or the company. Whatever you do though, do not let them talk you into any type of cash value insurance, ie. Permanent Whole Life, Universal Life, Variable Universal Life. Do yourself a favor and stick with term only.

Hope this helps!

 

[ShyCat]

Ah, a helpful first-time post just happened by with a response, what a surprise. But no ultra-helpful link, so at least we know this one can read.